UK Sees Surge in New Businesses, Highlighting Resilience and Entrepreneurship
Tyl by NatWest Report Reveals Growth in Bookshops, Clothing Retailers, and Takeaways Across Major UK Cities
In a recent report, the United Kingdom has witnessed a notable increase in the establishment of new bookshops, clothing retailers, and takeaways, particularly in the bustling urban centres of London, Birmingham, and Manchester.
According to the Evolving Enterprise Index commissioned by Tyl, the payments partner supporting UK SMEs and micro businesses, industries specializing in retail, food, and entertainment services have experienced the most significant growth since 2017.
Tyl by NatWest collaborated with Data City to analyze data from Companies House, which provided insights into the number of newly opened businesses in economically significant sectors between 2017 and 2022.
This research, encompassing the top 14 urban hubs in the UK, exemplifies the diverse landscape of British businesses and confirms the nation’s thriving environment for small and medium-sized enterprises.
The Evolving Enterprise Index paints a compelling picture of growth in various sectors across the UK. Portsmouth has witnessed a surge in sports clubs, while Edinburgh boasts flourishing garden centres, and Belfast has seen a rise in fitness outlets. These findings reaffirm that the spirit of innovative entrepreneurship still burns brightly in Britain.
The report further highlights the fastest-growing and emerging industries in different regions of the UK. London has experienced a remarkable 217% growth in bookshops, Birmingham has seen a staggering 638% increase in clothing and textiles stalls, and Manchester has witnessed a substantial 506% surge in takeaways.
Moreover, Tyl’s research identifies sectors that have gained newfound momentum between 2017 and 2022, unveiling the most established areas where exciting new business hubs have emerged. Cardiff leads with new clothing retailers, while Leeds and Portsmouth demonstrate growth in artisanal and horticultural crafts, such as bakeries and garden centres.
Commenting on the findings, Mike Elliff, CEO of Tyl by NatWest, commends the resilience and tenacity of UK entrepreneurs in the face of unprecedented challenges. He emphasizes the role Tyl plays in supporting SMEs in their business endeavours and highlights the valuable insights the Evolving Enterprise Index provides for understanding local business landscapes and market opportunities.
Last year, Tyl by NatWest’s research revealed that bakeries were the most sought-after shops on a “perfect high street,” with butchers also ranking among the top ten. The current index showcases Leicester as the fastest growing market for butchery, with a 265% increase, closely followed by London with 226%, which reported an astonishing 1,256 new meat vendors.
The dining-out market is thriving in Glasgow, which leads with a 169% increase in new in-person restaurants, while Manchester has experienced the largest surge in takeaways, with a remarkable 506% growth.
Coastal cities in the UK are also witnessing the central role of sports facilities in fostering strong communities. Portsmouth has seen a 114% increase in new sports clubs, and Southampton follows closely with an 89% surge, with sports shops emerging as the fastest-growing market in the city.
Inner-city environments are witnessing a blossoming garden centre scene, with Cardiff experiencing a remarkable 322% increase, followed by London with 298% and Edinburgh with 287%.
Teresa Heath-Wareing, a small business expert, highlights the importance of a diverse range of sectors in fostering a thriving SME economy. She emphasizes that small businesses should understand their local landscape and business climate to succeed in a competitive environment and add value beyond the bottom line.
The report from Tyl by NatWest showcases the resilience and entrepreneurship of the UK’s business landscape, revealing the vibrant and evolving nature of the country’s economy.
